Thursday | 18 April 2024 | 9 Shawaal 1445

Fatwa Answer

Question ID: 880 Category: Dealings and Transactions
Islamic Financing

Assalamualaikum was rahmatullahi wa barakatuhu

I was searching if there is any halal/permissible financing for buying/refinancing home.

i found followings on Devon Bank's website :

"the initial murabaha and ijara products were reviewed by the Honorable Mufti Muhammad Nawal-ur-Rahman and the Shariah Supervisory Board of America, located near Devon Bank’s main office in the Chicago neighborhood of Rogers Park. After requested changes were made by the Bank, a fatwa was issued by the Shariah Board approving these products."

i'm trying to verify if Devon Bank's Murabaha financing is actually approved or not and if it would be permissible to buy or refinance home with this Murabaha.

Please let me know.

Many many thanks for your time and help.


الجواب وبالله التوفيق

The Islamic Financing provided by Devon bank is correct.

واللہ اعلم  بالصواب